Oil prices
South Korea's consumer prices rise 2.2% in March amid surging oil prices
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South Korea's consumer prices rose 2.2 percent in March from a year earlier, government data showed Thursday. The increase, exceeding the government's 2 percent inflation target, was mainly driven by a surge in global oil prices due to prolonged Middle East tensions. It marks the steepest rise since December's 2.3 percent, according to the Ministry of Data and Statistics.
German Finance Minister Lars Klingbeil, along with counterparts from Spain, Portugal, Austria and Italy, has urged the EU Commission to examine a windfall profits tax on oil companies. The letter cites high fuel prices due to the Iran war. The measure would supplement national initiatives.
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The Korean won opened at 1,519.9 per U.S. dollar in Seoul on Tuesday, hitting its weakest level in 17 years. Fears of global oil supply disruptions grew due to the escalating Middle East conflict. The KOSPI index also opened nearly 3 percent lower.
Motorcycle taxi and habal-habal drivers in Cebu City are facing reduced daily earnings due to oil price hikes linked to the US-Israel war on Iran. They report waiting up to 30 minutes for passengers and higher fuel costs, often earning less than P1,000 a day. Local governments plan subsidies while transport groups stage strikes for relief.
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The South Korean won fell sharply past the 1,500-won level against the US dollar on Thursday as global oil prices surged amid escalating Middle East tensions. It opened at 1,505 won per dollar, down 21.9 won from the previous session, breaching the psychologically and technically critical threshold.